I have recently come to the conclusion that the same ideas that seemed like a good idea many years ago are no longer applicable to the world we live in today. In the past, going to college, getting a good paying job, working and eventually buying a house seemed very simple; today, the reality in which we live in is much different. The stock market, real estate and internet booms are over, leaving little opportunity for huge gains and profit in these areas given that the most revolutionary periods of both of these eras have already come and gone with no sign of returning. However, there are new means of becoming wealthy and prosperous in today’s American economy that can be credited to evolution. I believe there are several key practices that can transform anyone’s financial situation that may be untraditional, but nevertheless effective.
Multi-Unit Real Estate
Single family real estate has become more of a burden than a profit for those in the realm of real estate. Should a family only rent for a short period of time, you are no longer collecting that form of income and are stuck with that unit. However, with multi-unit investments, you have multiple streams of income from one residential facility with significantly less risk of failure. Multi-unit real estate creates a much larger and more dependable source of income opposed to single family units where the owner is subjected to higher rates of disaster.
Understand That Multiple Flows of Income are Essential
Unlike in the past, one source of income is not nearly enough for most people to live a comfortable life. With more than a third of income being taxed, one job is not enough to do much in life with the average person being in thousands of debt, and multiple monthly expenses; this does not include those with families or in single parent settings. One must ask themselves if one flow of average income is enough in the world we live in today. By having a main form of income along with several other forms of resource, one puts themselves in a much higher position to succeed and get ahead financially.
Rent Instead of Buying a Home
Decades ago, buying a home was an extremely affordable and profitable option. Today, profit margins have been consistently very low on single family units given the current state of finances in the country. Homes that may have been able to turn significant profits are not worth nearly as much on today’s market, making the return much less than it could have potentially been at the height of the market. In addition, there are a plethora of issues that can come up with the owning of a home from electric work, foundational issues, plumbing, and heavy taxes, all of which you as the owner would have to take on financially. As a renter, you would not have to worry about the financial burden that comes along with addressing any of the previously stated issues; those obligations belong to the owner. If the home doesn’t reap any financial reward for you by owning it, it is not worth all that one would have to put into it. By renting a home opposed to buying one, one avoids a serious black hole for their money.
Become the Business
I am a believer in the idea that everyone is a salesman. We all have something we are passionate about and could potentially sell successfully if we gave it our best effort. With the usage of social media, there are more people building a name for themselves by selling a service to hundreds of thousands if not millions. Whether it is entertainment, personal training, clothing or training, there are many things that every day people are selling, creating a strong source of income for themselves. As for myself, I have become an ambassador for two companies and am building my own personal brand as a figure in the fitness industry. Whatever one’s passion is, with determination and commitment to the task, one can become very successful as their own business in good time.
